Crypto Market Liquidations Top $197 Million As Bitcoin Price Plunges Below $60,000
2024年8月5日 - 3:30AM
NEWSBTC
Bitcoin can’t seem to leave the $60,000 price level as it continues
to trade in uncertainty. On Saturday, August 3, the cryptocurrency
experienced another sharp decline, briefly dipping below the
$60,000 mark. Although this drop lasted only a few minutes, it was
quite significant, especially given that Bitcoin had traded above
$62,000 earlier the same day. This fluctuation has notably impacted
market participants, leading to the liquidation of numerous long
positions. Related Reading: ARB Market Plummets 14%, But New
Developments Could Reverse The Trend At the time of writing, over
$197 million worth of leveraged positions have been liquidated in
the past 24 hours. Notably, this figure soared to as much as $288
million during the peak of the selling pressure. Bitcoin And
Market Liquidations The persistent inability of Bitcoin to maintain
a stable position above $60,000 highlights the uncertainty and
speculative nature of the cryptocurrency market. Traders and
investors remain cautious, closely monitoring its price movements.
This cautious approach has likely been amplified by recent reports
of repayments initiated by the bankrupt crypto lender Genesis
Global Capital, which flooded the market with additional digital
assets, primarily Bitcoin and Ethereum. Considering Bitcoin and
Ethereum’s dominance over the market, this cautious approach has
inadvertently led to a lingering bearish sentiment surrounding
other cryptocurrencies. Although Bitcoin and Ethereum experienced
the highest liquidated positions, the impact has spilt over into
other digital assets. According to Coinglass data shown below,
Ethereum led the market with $57.22 million worth of leveraged
positions liquidated. Bitcoin followed closely with $46.19 million
in liquidations and Solana with $15.35 million. The total
liquidation amount reached $197.72 million, with the majority
($159.88 million) in long positions. Most of these liquidations
occurred on Binance, OKX, and Bybit, with $85.88 million, $65.83
million, and $16.47 million in liquidations, respectively, each
exhibiting an 80% long liquidation rate. Prevailing Bearishness The
crypto industry is no stranger to sporadic liquidations of such
huge amounts. Considering the prevailing short-term bearish
sentiment, most of these liquidations have repeatedly been on long
positions. On June 24, the market witnessed almost $300 million
worth of positions liquidated in under 24 hours. Similarly, over
$360 million worth of positions were liquidated on June 7 when the
Bitcoin price crashed from $71,000 to $68,000. Related
Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow The
Trend Recent market dynamics suggest that the industry might not be
out of the woods yet concerning such liquidations. Bitcoin
continues to struggle to hold above $60,000, a trend that could
persist in the coming weeks. This is partly because Spot Bitcoin
ETFs, which have historically been a catalyst for Bitcoin price
surges, ended last week on a negative note. Specifically, they
concluded Friday’s trading session with $237.4 million in outflows,
the largest daily outflow since May 1. Featured image from The
Michigan Daily, chart from TradingView
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